Chinese Buyers Given Flexibility to Pay in Yuan for Russian Oil
- Paramount offers ESPO crude for May on yuan basis: traders
- Traders face financing hurdles as banks shun Russian business
A drilling rig on the Gazprom PJSC Chayandinskoye oil, gas and condensate field, in Sakha Republic, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
A seller of Russian crude gave Chinese buyers the flexibility to pay in yuan, as the energy giant attempts to keep its few remaining export channels flowing smoothly
Geneva-based Paramount Energy & Commodities SA offered to let some Chinese customers make payments in yuan for May-loading ESPO crude shipped from Russia’s Far East, according to traders with knowledge of the matter. Some Chinese independent processors purchased the cargoes, although it’s unclear if the deals were consummated in yuan, they said.